Advanced RCC, or kidney cancer, is the ninth most commonly diagnosed
cancer in men and women in the U.S.1 Worldwide it is
estimated that more than 250,000 people are diagnosed and more than
100,000 people die from the disease each year.2 RCC accounts
for more than 90 percent of all kidney cancers.3 Currently
available therapies provide less than one year of median
progression-free survival (PFS) in treatment naive patients and are
associated with significant toxicities.4 These toxicities not
only lead to high rates of dose reductions and interruptions
(potentially compromising efficacy), but also can impact a patient’s
quality of daily living.5

About Tivozanib

Tivozanib is a potent, selective and long half-life inhibitor of all
three vascular endothelial growth factor (VEGF) receptors that is
designed to optimize VEGF blockade while minimizing off-target
toxicities. Tivozanib is an oral, once-daily, investigational tyrosine
kinase inhibitor for which positive results from a Phase 3 clinical
study in advanced RCC have been reported, and is being evaluated in
other tumors.

About the AVEO/Astellas Collaboration

In February 2011, AVEO and Astellas entered into a worldwide agreement
to develop and commercialize tivozanib outside of Asia for the treatment
of a broad range of cancers. Tivozanib, AVEO's lead investigational
drug, is a potent, selective, long half-life inhibitor of all three VEGF
receptors that is designed to optimize VEGF blockade while minimizing
off-target toxicities. Subject to regulatory approval, AVEO will lead
commercialization of tivozanib in North America and Astellas will lead
commercialization of tivozanib in the European Union.

About Astellas

Astellas Pharma Inc., located in Tokyo, Japan, is a pharmaceutical
company dedicated to improving the health of people around the world
through the provision of innovative and reliable pharmaceuticals.
Astellas has approximately 17,000 employees worldwide. The organization
is committed to becoming a global category leader in Urology, Immunology
(including Transplantation) and Infectious Diseases, Oncology,
Neuroscience and DM Complications and Kidney Diseases. For more
information on Astellas Pharma Inc., please visit the company website at www.astellas.com/en.

About AVEO

AVEO Oncology (NASDAQ: AVEO) is a cancer therapeutics company committed
to discovering, developing and commercializing targeted therapies to
impact patients' lives. AVEO's proprietary Human Response PlatformTM
provides the company unique insights into cancer biology and is being
leveraged in the discovery and clinical development of its cancer
therapeutics. For more information, please visit the company's website
at www.aveooncology.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995 that
involve substantial risks and uncertainties. All statements, other than
statements of historical facts, contained in this press release are
forward-looking statements. The words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “plan,” “target,” “potential,”
“could,” “should,” “seek,” or the negative of these terms or other
similar expressions, are intended to identify forward-looking
statements, although not all forward-looking statements contain these
identifying words. These forward-looking statements include, among
others, statements about: the planned launch and commercialization of
tivozanib; AVEO’s ability to deliver tivozanib to cancer patients in the
future; and AVEO’s plans to leverage its Human Response Platform.Actual
results or events could differ materially from the plans, intentions and
expectations disclosed in the forward-looking statements that AVEO makes
due to a number of important factors, including risks relating to:
whether the results of AVEO’s Phase 3 TIVO-1 trial (TIvozanib
Versus sOrafenib
in 1st line
advanced RCC) are sufficient to obtain marketing approval for tivozanib,
which turns on the ability of AVEO to demonstrate to the satisfaction of
the U.S. Food and Drug Administration (FDA) or comparable foreign
regulatory authorities the safety and efficacy of tivozanib based upon
the findings of TIVO-1, including its data with respect to PFS, the rate
of adverse events, overall survival and other information that the FDA
may determine to be relevant to approvability; AVEO’s ability to
demonstrate in subsequent trials any safety and efficacy it demonstrated
in earlier trials of tivozanib; ongoing regulatory requirements with
respect to the approval of tivozanib, including the risk that the FDA or
any comparable foreign regulatory agency could require additional
positive clinical trials as the basis for product approval; AVEO’s
ability to obtain and maintain adequate protection for intellectual
property rights relating to its product candidates and technologies;
unplanned operating expenses; AVEO’s ability to raise the substantial
additional funds required to achieve its goals; adverse general economic
and industry conditions; competitive factors; AVEO’s ability to maintain
its collaboration with Astellas; AVEO’s and Astellas’ ability to
successfully launch and commercialize tivozanib if and when it may be
approved for commercialization; and those risks discussed in the section
titled “Risk Factors” and elsewhere in AVEO’s current report on Form 8-K
filed with the SEC on January 16, 2013 and in its other filings with the
Securities and Exchange Commission. The forward-looking statements in
this press release represent AVEO’s views as of the date of this press
release. AVEO anticipates that subsequent events and developments will
cause its views to change. However, while AVEO may elect to update these
forward-looking statements at some point in the future, it specifically
disclaims any obligation to do so. You should, therefore, not rely on
these forward-looking statements as representing AVEO’s views as of any
date subsequent to the date of this press release.

1U.S. Cancer Statistics Working Group. United States Cancer
Statistics: 1999–2009 Incidence and Mortality Web-based Report. Atlanta:
U.S. Department of Health and Human Services, Centers for Disease
Control and Prevention and National Cancer Institute; 2013. Available
at: www.cdc.gov/uscs.